The ITAT Raipur restores Section 10(10D) exemption, ruling the CPC exceeded its powers by making a complex adjustment on an insurance policy’s maturity proceeds.
The Delhi High Court has remanded a case on late ITR filing, ruling that a 12-day delay during the COVID-19 pandemic constitutes “genuine hardship.”
Delhi High Court rules that the Income Tax Department cannot claim funds from a Ponzi scam for tax dues, as the money is not “income” but “proceeds of crime.”
Karnataka High Court dismisses SBI’s appeal, upholding TDS demand for foreign travel LTC claims. The court cites a Supreme Court precedent that denies tax exemption for journeys with a foreign leg.
Supreme Court held that converting imported Gensets into Power Packs by adding essential components amounts to manufacture under Section 2(f). The process created a distinct, marketable product, making excise duty applicable.
ITAT Hyderabad upheld a revision order denying capital gains exemption, citing an unregistered sale agreement between a husband and wife as insufficient proof.
The ITAT Delhi ruled that cash deposits in a bank account, which are part of business receipts already covered by presumptive tax under Section 44AD, cannot be added as unexplained cash credits.
Tribunal confirmed that donations routed as consideration for corporate liaisoning, personal expenses of promoters, and shell transactions justify cancellation of charitable registration from inception
ITAT Chennai ruled that a reassessment initiated by a Jurisdictional Assessing Officer after March 29, 2022, was invalid, making the subsequent revision order by the PCIT equally void.
ITAT Chennai quashed a reassessment notice, ruling that an Assessing Officer cannot reopen a case after four years based on a review of documents already on file without new, tangible material.
